HomeMy WebLinkAbout2017-99-2/13/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo,IA 50703, (319)291-4323.
RESOLUTION NO. 2017-99
RESOLUTION APPROVING THE REQUEST OF JSA
DEVELOPMENT, LLC, FOR TAX EXEMPTIONS ON THE
RENOVATION OF A COMMERCIAL BUILDING VALUED AT
$798,000, FOR THE PROPERTY LOCATED AT 225 W. 4TH
STREET, AND LOCATED WITHIN THE CONSOLIDATED
URBAN REVITALIZATION AREA(CURA).
WHEREAS, JSA Development, LLC, has submitted an application dated December 30,
2016 to the City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions for
renovation of a commercial building valued at $798,000, for the property located at 225 W. 4t'
Street and within the Consolidated Urban Revitalization Area (CURA), more fully described as
follows:
ORIGINAL PLAT WATERLOO WEST NE 20 FT SW 60 FT LOT 6 BLK 8 NE
20 FT 4 INCHES SW 60 FT NW 25 FT LOT 7 BLK 8, IN THE CITY OF
WATERLOO BLACK HAWK COUNTY IOWA
and,
WHEREAS, said property is located within the designated Consolidated Urban
Revitalization Area (CURA) in Waterloo, Iowa, as previously established by the City Council of
the City of Waterloo, Iowa, and
WHEREAS, the renovation project respecting said property is in conformance with the
Consolidated Urban Revitalization Area (CURA) Plan as officially adopted by the City Council
for the City of Waterloo, Iowa, and
WHEREAS, the renovations on said property were made during the time in which such
improvements are eligible for the tax exemption as set forth in the Consolidated Urban
Revitalization Area (CURA) Plan as adopted by the City Council of the City of Waterloo, Iowa,
and as set forth in the Urban Revitalization Act as adopted by the Legislature of the State of Iowa
and signed by the Governor of the State of Iowa, and
WHEREAS, said applicant is requesting the following three-year exemption schedule:
For the first year 100%
For the second year 100%
For the third year 100%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, that said application is hereby approved and the City Clerk is hereby
authorized and directed to forward said application and a copy of this resolution to the Assessor.
PASSED AND ADOPTED this 13'h day of February 2017.
Quentin Hart, Mayor
Resolution No. 2017-99
Page 2
ATTEST:
Kelley Fel le
City Clerk
CONSOLIDATED URBAN REVITALIZATION APPLICATION
FOR PROPERTY TAX EXEMPTION FOR IMPROVEMENTS UNDER THE
PROVISIONS OF THE CONSOLIDATED URBAN REVITALIZATION AREA PLAN o
•• ADOPTED BY THE CITY COUNCIL OF THE CITY OF WATERLOO. ,
The Consolidated Urban Revitalization Area(CURA)allows property tax exemptions on improvements to prop ocated
within its boundaries that meet the following criteria: `;
0 0
1. At least a 10/o improvement to the value of the residential property. At least a 15/o improvement to the value of 0�
commercial property if a building was previously on the site. If commercial property was previously vacant,all actual
value added by the improvements is eligible for tax exemption.
2. Be located within the CURA boundaries(a map of which can be obtained from the City of Waterloo Community Planning
&Development Department.)
3. This application must be filed with City prior to the In working day of FebruarX following the year when the
improvements are completed to comply with the timeline of the State Code of Iowa,Section 404.4 unnumbered paragraph
2. However,a single application may be filed upon completion of an entire project requiring more than one year to
construct or complete,providing prior approval has bee granted by the City Council ounty Board of Supervisors.
Please fill out the following information for your application to be submitted to the Ci Co ncil.
NAME: JSA Development,LLC SIGNATURE:
ADDRESS: 315 E 5th Street-2nd Floor,Waterloo,IA 50703 .
TELEPHONE: 319-233-3147 DATE: ti I
A. What is the Address of the property being improved? 225 W 4th Street
What is the Legal Description of the property?(May be available at County Recorder's Office on 2nd floor of the
Courthouse)?
ORIGINAL PLAT WATERLOO WEST NE 20 FT SW 60 FT LOT 6 BLK 8 NE 20 FT 4 INCHES SW 60 FT NW 25 FT LOT 7 BLK 8
B. Indicate desired exemption schedule:(I or 2)
1. X One Hundred Percent(100%)exemption for three years on the actual value added by improvements;
2. A partial exemption on the actual value added by improvements according to the following schedule:
a. First Year----------80% d. Fourth Year-------50% g. Seventh Year------30%
b. Second Year------70% e. Fifth Year---------40% h. Eighth Year--------30%
c. Third Year---------60% f. Sixth Year---------40% i. Ninth Year---------20%
j. Tenth Year---------20%
C. What was the nature of the improvement(s)?
Complete rehabilitation of entire building resulting in the creation of two,market-rate,apartments and one street front commercial space. Installation of
spunkier system throughout the building.Banding had been out of use tor over i u years.
D. City of Waterloo Building and Inspections Department Information:
Permit Number: WA09605 Date permit was issued: 12/12/13 Total permit(s)valuation: 1,573,977
E. What was the cost of the improvement? $798,000 rehabilitation cost. (T%c w,
F. Estimated or actual date of completion of these improvements? April 2016
G. If this is not a singe-family dwelling unit,which you own and reside in,will these improvements create a displacement of
your tenants? Yes X No n/a
CITY OF WATERLOO
APPROVED DATED: al l3/n RESOLUTION NO: aqo1 Q�
DENIED
BLACK HAWK COUNTY ASSESSOR
APPROVED DATED:
Tami McFarland
DENIED Black Hawk County Assessor
Note: The improvements to your home or business may not change the assessed value.
Note: City Council approval does not guarantee tax exemptions. The application must be reviewed and approved by the
Black Hawk County Assessor's Office for criteria eligibility.